British Car Auctions (BCA) extended its Solifi platform contract to support the expansion of its wholesale finance offering.
The BCA Partner Finance service supports dealers purchasing vehicles in BCA’s online sales, funding the whole auction purchase exclusively at BCA, including fees and VAT where applicable, with both cars and light commercial vehicles eligible for funding. Solifi’s software-as-a-service (SaaS) technology offers BCA’s customers using the scheme greater flexibility in the stocking decisions they make, and the service frees up capital to enable investments in growth. BCA Partner Finance processes more than 100,000 contracts and £1billion ($1.21 billion) of funding per year.
“The latest cloud-based version of the Solifi Wholesale Finance platform will support our unique digital buying and funding journey for motor dealers and is scalable as we continue to expand our wholesale finance operation,” Malcolm Thompson, managing director at BCA Partner Finance, said. “The platform is highly configurable to our needs, easy for our trading partners and dealers to use and expedites the time it takes to add new products.”
The Solifi Wholesale Finance platform helps customers manage the end-to-end stocking and wholesale financing of dealer inventory. The technology will give BCA access to portfolio and risk management processes and a dealer self-service request and account management portal. It will also streamline how BCA funds assets through its supplier channels, all while it only pays for what it uses.
“We are excited to continue our long-standing partnership with BCA as they invest further in their wholesale finance offering,” James Redfern, vice president of sales in the EMEA region at Solifi, said. “This is a fantastic endorsement of our wholesale finance platform, which is designed for both small- and large-scale businesses needing cost-effective, scalable technology to meet dynamic customer requirements.”
